Economic highlights for this week
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Sanya's duty -free store opened on April 20. |
3. Demand outpaces supply at Sanya duty-free stores over Labor Day holiday
The number of tourists visiting Hainan Island over the long Labor Day weekend has surged this year as shoppers flock to Sanya's new duty-free store, opened on April 20 in an attempt to stimulate domestic consumption. Name brands such as L'Oreal, Swatch, Estée Lauder, Chanel, Dior and Lancome sold out as Chinese consumers took advantage of the three-day holiday to come and buy luxury goods tax free. More than 60,000 tourists were expected to visit the island resort store during the Labor Day vacation. Prices at the store run 10 to 35 percent lower than those in domestic department stores, according to retailer China Duty Free Group. China has become an increasingly profitable market for global luxury brands in recent years as rapid growth swells the pocketbooks of the nation's growing middle and upper classes.
